The Purpose of a Company

Read in The Economist

The Business Roundtable, America’s foremost association of chief executives, caused a stir when it redefined the purpose of a company, ditching the decades-old orthodoxy that increasing shareholder value should be the only objective. Now, the bosses say, companies should also look out for the interests of customers, workers, suppliers and communities, and aim to increase diversity and protect the environment. The statement was signed by almost 200 ceos, encompassing relative upstarts, such as Amazon and Apple, as well as companies that trace their roots back well over 100 years, including ExxonMobil, General Motors, JPMorgan Chase and Macy’s.

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